Intrinsic value of Xcerra - XCRA

Previous Close

$9.90

  Intrinsic Value

$55.61

stock screener

  Rating & Target

str. buy

+462%

  Value-price divergence*

0%

Previous close

$9.90

 
Intrinsic value

$55.61

 
Up/down potential

+462%

 
Rating

str. buy

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of XCRA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -18.59
  26.80
  24.62
  22.66
  20.89
  19.30
  17.87
  16.59
  15.43
  14.38
  13.45
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
Revenue, $m
  324
  411
  512
  628
  759
  906
  1,068
  1,245
  1,437
  1,643
  1,864
  2,099
  2,348
  2,610
  2,885
  3,173
  3,474
  3,788
  4,115
  4,456
  4,810
  5,178
  5,560
  5,957
  6,370
  6,800
  7,246
  7,710
  8,193
  8,697
  9,221
Variable operating expenses, $m
 
  244
  303
  370
  447
  532
  626
  729
  841
  962
  1,090
  1,223
  1,367
  1,520
  1,680
  1,848
  2,023
  2,206
  2,397
  2,595
  2,801
  3,015
  3,238
  3,470
  3,710
  3,960
  4,220
  4,491
  4,772
  5,065
  5,370
Fixed operating expenses, $m
 
  137
  141
  144
  148
  152
  155
  159
  163
  167
  172
  176
  180
  185
  189
  194
  199
  204
  209
  214
  220
  225
  231
  236
  242
  248
  255
  261
  268
  274
  281
Total operating expenses, $m
  324
  381
  444
  514
  595
  684
  781
  888
  1,004
  1,129
  1,262
  1,399
  1,547
  1,705
  1,869
  2,042
  2,222
  2,410
  2,606
  2,809
  3,021
  3,240
  3,469
  3,706
  3,952
  4,208
  4,475
  4,752
  5,040
  5,339
  5,651
Operating income, $m
  0
  30
  69
  114
  165
  222
  286
  356
  432
  514
  603
  701
  800
  905
  1,015
  1,131
  1,252
  1,378
  1,509
  1,646
  1,789
  1,937
  2,091
  2,251
  2,418
  2,591
  2,771
  2,959
  3,154
  3,357
  3,569
EBITDA, $m
  7
  38
  78
  124
  177
  236
  301
  373
  451
  535
  626
  722
  824
  931
  1,044
  1,163
  1,287
  1,416
  1,551
  1,691
  1,837
  1,989
  2,147
  2,311
  2,482
  2,659
  2,844
  3,036
  3,237
  3,445
  3,662
Interest expense (income), $m
  1
  1
  2
  3
  4
  6
  8
  9
  11
  14
  16
  19
  21
  24
  27
  30
  34
  37
  41
  44
  48
  52
  57
  61
  65
  70
  75
  80
  86
  91
  97
Earnings before tax, $m
  1
  29
  67
  111
  160
  216
  278
  347
  421
  501
  587
  682
  779
  881
  988
  1,101
  1,218
  1,341
  1,469
  1,602
  1,741
  1,885
  2,034
  2,190
  2,352
  2,521
  2,696
  2,878
  3,068
  3,266
  3,472
Tax expense, $m
  -1
  8
  18
  30
  43
  58
  75
  94
  114
  135
  158
  184
  210
  238
  267
  297
  329
  362
  397
  433
  470
  509
  549
  591
  635
  681
  728
  777
  828
  882
  938
Net income, $m
  11
  21
  49
  81
  117
  158
  203
  253
  307
  366
  428
  498
  569
  643
  721
  803
  889
  979
  1,072
  1,169
  1,271
  1,376
  1,485
  1,599
  1,717
  1,840
  1,968
  2,101
  2,240
  2,384
  2,535

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  139
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  378
  303
  378
  463
  560
  668
  787
  918
  1,060
  1,212
  1,375
  1,548
  1,731
  1,925
  2,127
  2,340
  2,562
  2,794
  3,035
  3,286
  3,547
  3,818
  4,100
  4,393
  4,698
  5,014
  5,344
  5,686
  6,042
  6,413
  6,800
Adjusted assets (=assets-cash), $m
  239
  303
  378
  463
  560
  668
  787
  918
  1,060
  1,212
  1,375
  1,548
  1,731
  1,925
  2,127
  2,340
  2,562
  2,794
  3,035
  3,286
  3,547
  3,818
  4,100
  4,393
  4,698
  5,014
  5,344
  5,686
  6,042
  6,413
  6,800
Revenue / Adjusted assets
  1.356
  1.356
  1.354
  1.356
  1.355
  1.356
  1.357
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
  1.356
Average production assets, $m
  39
  49
  61
  75
  90
  108
  127
  148
  171
  196
  222
  250
  279
  311
  343
  378
  413
  451
  490
  530
  572
  616
  662
  709
  758
  809
  862
  918
  975
  1,035
  1,097
Working capital, $m
  230
  119
  148
  182
  220
  263
  310
  361
  417
  477
  541
  609
  681
  757
  837
  920
  1,007
  1,099
  1,193
  1,292
  1,395
  1,501
  1,612
  1,728
  1,847
  1,972
  2,101
  2,236
  2,376
  2,522
  2,674
Total debt, $m
  24
  46
  75
  108
  146
  188
  234
  285
  340
  399
  463
  530
  602
  677
  756
  838
  925
  1,015
  1,109
  1,206
  1,308
  1,413
  1,523
  1,637
  1,755
  1,879
  2,007
  2,140
  2,278
  2,423
  2,573
Total liabilities, $m
  96
  118
  147
  180
  218
  260
  306
  357
  412
  471
  535
  602
  674
  749
  828
  910
  997
  1,087
  1,181
  1,278
  1,380
  1,485
  1,595
  1,709
  1,827
  1,951
  2,079
  2,212
  2,350
  2,495
  2,645
Total equity, $m
  282
  185
  231
  283
  342
  408
  481
  561
  647
  740
  840
  946
  1,058
  1,176
  1,300
  1,430
  1,565
  1,707
  1,854
  2,008
  2,167
  2,333
  2,505
  2,684
  2,870
  3,064
  3,265
  3,474
  3,692
  3,919
  4,155
Total liabilities and equity, $m
  378
  303
  378
  463
  560
  668
  787
  918
  1,059
  1,211
  1,375
  1,548
  1,732
  1,925
  2,128
  2,340
  2,562
  2,794
  3,035
  3,286
  3,547
  3,818
  4,100
  4,393
  4,697
  5,015
  5,344
  5,686
  6,042
  6,414
  6,800
Debt-to-equity ratio
  0.085
  0.250
  0.320
  0.380
  0.430
  0.460
  0.490
  0.510
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
Adjusted equity ratio
  0.598
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  21
  49
  81
  117
  158
  203
  253
  307
  366
  428
  498
  569
  643
  721
  803
  889
  979
  1,072
  1,169
  1,271
  1,376
  1,485
  1,599
  1,717
  1,840
  1,968
  2,101
  2,240
  2,384
  2,535
Depreciation, amort., depletion, $m
  7
  9
  10
  11
  12
  14
  15
  17
  19
  21
  23
  21
  24
  26
  29
  32
  35
  38
  42
  45
  49
  52
  56
  60
  64
  69
  73
  78
  83
  88
  93
Funds from operations, $m
  -16
  30
  58
  91
  129
  171
  218
  270
  326
  387
  451
  519
  592
  669
  751
  835
  924
  1,017
  1,114
  1,214
  1,319
  1,428
  1,541
  1,659
  1,781
  1,909
  2,041
  2,179
  2,323
  2,472
  2,628
Change in working capital, $m
  -16
  25
  29
  34
  38
  42
  47
  51
  56
  60
  64
  68
  72
  76
  80
  84
  87
  91
  95
  99
  103
  107
  111
  115
  120
  124
  129
  135
  140
  146
  152
Cash from operations, $m
  0
  5
  29
  58
  91
  129
  172
  219
  270
  327
  387
  451
  520
  593
  671
  752
  837
  926
  1,019
  1,116
  1,216
  1,321
  1,430
  1,544
  1,662
  1,784
  1,912
  2,044
  2,182
  2,326
  2,476
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -14
  -17
  -19
  -21
  -24
  -26
  -29
  -32
  -35
  -38
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
New CAPEX, $m
  -3
  -10
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
Cash from investing activities, $m
  22
  -13
  -16
  -19
  -22
  -25
  -28
  -32
  -36
  -39
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -72
  -77
  -83
  -87
  -93
  -98
  -103
  -109
  -115
  -122
  -128
  -136
  -143
  -150
Free cash flow, $m
  22
  -9
  13
  39
  69
  104
  143
  187
  235
  288
  344
  404
  469
  539
  612
  689
  769
  854
  942
  1,034
  1,129
  1,229
  1,333
  1,440
  1,552
  1,669
  1,790
  1,916
  2,047
  2,184
  2,326
Issuance/(repayment) of debt, $m
  -3
  25
  29
  33
  38
  42
  46
  51
  55
  59
  63
  67
  71
  75
  79
  83
  86
  90
  94
  98
  102
  106
  110
  114
  118
  123
  128
  133
  139
  144
  150
Issuance/(repurchase) of shares, $m
  -12
  18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -15
  43
  29
  33
  38
  42
  46
  51
  55
  59
  63
  67
  71
  75
  79
  83
  86
  90
  94
  98
  102
  106
  110
  114
  118
  123
  128
  133
  139
  144
  150
Total cash flow (excl. dividends), $m
  5
  34
  42
  72
  107
  146
  190
  238
  290
  347
  408
  472
  541
  614
  691
  771
  856
  944
  1,036
  1,131
  1,231
  1,335
  1,442
  1,554
  1,671
  1,792
  1,918
  2,049
  2,186
  2,328
  2,476
Retained Cash Flow (-), $m
  -4
  -39
  -46
  -52
  -59
  -66
  -73
  -80
  -87
  -93
  -100
  -106
  -112
  -118
  -124
  -130
  -136
  -142
  -147
  -153
  -160
  -166
  -172
  -179
  -186
  -193
  -201
  -209
  -218
  -227
  -236
Prev. year cash balance distribution, $m
 
  136
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  131
  -4
  20
  48
  80
  117
  158
  204
  254
  308
  366
  429
  496
  567
  641
  720
  802
  888
  978
  1,071
  1,169
  1,270
  1,375
  1,485
  1,599
  1,717
  1,840
  1,968
  2,101
  2,240
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  125
  -3
  17
  39
  62
  85
  107
  127
  146
  162
  174
  183
  188
  190
  188
  183
  175
  164
  151
  136
  121
  105
  90
  76
  62
  50
  39
  30
  23
  17
Current shareholders' claim on cash, %
  100
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0

Xcerra Corporation is a provider of test and handling capital equipment, interface products, test fixtures and related services to the semiconductor and electronics manufacturing industries. The Company operates through six segments: Semiconductor Test, Semiconductor Handlers, Contactors, PCB Test, Probes/Pins and Fixtures. The Semiconductor Test segment includes operations related to the design, manufacture and sale of automated test equipment for the semiconductor industry that is used to test system-on-a-chip, digital, analog and mixed signal integrated circuits. The Semiconductor Handlers segment includes operations related to the design, manufacture and sale of test handlers used in the testing of integrated circuits. The Contactors segment includes operations related to the design, manufacture and sale of test contactors. The PCB test segment includes operations related to design, manufacture and sale of equipment used in the testing of bare and loaded printed circuit boards.

FINANCIAL RATIOS  of  Xcerra (XCRA)

Valuation Ratios
P/E Ratio 48.2
Price to Sales 1.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -176.9
Growth Rates
Sales Growth Rate -18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 46
Current Ratio 0
LT Debt to Equity 7.4%
Total Debt to Equity 8.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 3.9%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 43.2%
Gross Margin - 3 Yr. Avg. 44.8%
EBITDA Margin 2.8%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 3.1%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 3.4%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate -100%
Eff/ Tax Rate - 3 Yr. Avg. -20.3%
Payout Ratio 0%

XCRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XCRA stock intrinsic value calculation we used $324 million for the last fiscal year's total revenue generated by Xcerra. The default revenue input number comes from 2016 income statement of Xcerra. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our XCRA stock valuation model: a) initial revenue growth rate of 26.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for XCRA is calculated based on our internal credit rating of Xcerra, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Xcerra.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of XCRA stock the variable cost ratio is equal to 59.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $134 million in the base year in the intrinsic value calculation for XCRA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Xcerra.

Corporate tax rate of 27% is the nominal tax rate for Xcerra. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the XCRA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for XCRA are equal to 11.9%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Xcerra operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for XCRA is equal to 29%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $282 million for Xcerra - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 54.899 million for Xcerra is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Xcerra at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Why Xcerra (XCRA) Stock Might be a Great Pick   [Oct-16-17 08:52AM  Zacks]
▶ 3 Top-Ranked Technology Picks Under $20   [Sep-21-17 10:30AM  Zacks]
▶ ETFs with exposure to Xcerra Corp. : September 14, 2017   [Sep-14-17 07:30PM  Capital Cube]
▶ Xcerra beats Street 4Q forecasts   [Aug-31-17 08:04PM  Associated Press]
▶ Xcerra Announces Fourth Quarter and Fiscal Year Results   [Aug-30-17 07:00AM  GlobeNewswire]
▶ [$$] Computer-Chip Testing Firm Urges Blocking Sale of Rival to China Fund   [Aug-16-17 12:28AM  The Wall Street Journal]
▶ [$$] Computer-Chip Testing Firm Urges Blocking Sale of Rival to China Fund   [Aug-15-17 05:33PM  The Wall Street Journal]
▶ Xcerras New Ultra-Compact DxV: Accelerated Time-to-Volume   [Jul-13-17 09:00AM  GlobeNewswire]
▶ Xcerra Corp. Value Analysis (NASDAQ:XCRA) : July 11, 2017   [Jul-11-17 03:53PM  Capital Cube]
▶ ETFs with exposure to Xcerra Corp. : June 22, 2017   [Jun-22-17 04:41PM  Capital Cube]
▶ Waiting For Bigger Bids?   [03:25PM  Zacks]
▶ ETFs with exposure to Xcerra Corp. : June 12, 2017   [Jun-12-17 02:35PM  Capital Cube]
▶ Xcerra beats Street 3Q forecasts   [Jun-01-17 07:14AM  Associated Press]
▶ Xcerra Announces Third Quarter Results   [07:00AM  GlobeNewswire]
▶ Semiconductor test firm sells for $580M to Chinese private equity group   [11:35AM  American City Business Journals]
▶ ETFs with exposure to Xcerra Corp. : April 5, 2017   [Apr-05-17 05:46PM  Capital Cube]
▶ Bull Of The Day: Xcerra (XCRA)   [05:51AM  Zacks]
▶ Xcerra tops Street 2Q forecasts   [07:50AM  Associated Press]
▶ Xcerra Announces Second Quarter Results   [06:55AM  GlobeNewswire]
▶ Xcerra Corporation Introduces the mmWave Contactor   [Feb-08-17 07:00AM  GlobeNewswire]
▶ 3 Tech Stocks Projected to Grow Profits the Most in 2017   [Jan-14-17 10:48AM  at Motley Fool]
▶ Is Xcerra Corp (XCRA) A Good Stock To Buy?   [Dec-18-16 11:26AM  at Insider Monkey]
▶ Xcerra Announces First Quarter Results   [06:55AM  GlobeNewswire]
Financial statements of XCRA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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